This Month in Queens Real Estate: SEP 2016

September 2016 Market Update 

The housing market spiked in August as demand remains at high levels in many neighborhoods, particularly in the 1-3 Family and Condo categories. Affordability does appear to be impacting prospective buyers though, despite near record-low mortgage rates. After five consecutive months of year over year sales decreases, queens home sales increased over the year prior for the first time since February.

Absorption Rate: 671 sales/per mo.

Current Available Inventory: 3,814 (Last month: 3,763)

Month’s Supply: 5.7 Months

Last Month: 5.8 Months

Last year: 6.8 Months

*Month’s supply over 6 months is said to favor buyers, month’s supply below 6 months is said to favor sellers, and month’s supply of 5-6 months is said to be a balanced market. Keep in mind that month’s supply can vary by neighborhood and property type. 

Interest Rates

Interest rates remain near all-time lows. Mortgage rates have remained flat; however, Fed Chair Janet Yellen has hinted that conditions are such that an increase in the interest rate may be coming later in the year.

Queens Home Sales

The Long Island Board of REALTORS® reported Queens home sales at a seasonally adjusted annual rate of 802 homes during the month of August. This was an increase of 28.7 percent from July, and an increase of 1.3 percent from August of last year.

Specifically, Residential 1-3 family Queens home sales were up 2.8%, Queens Condo sales were up 9.8%, and Queens Coop sales were down 3.3% compared to this time last year. Over the last 12 months, Queens home sales are down .9%.

Queens Home Prices

The median home price in Queens decreased to $465,000 in August, which was down 1.3 percent from July and up 9.4 percent from August of last year. The median home price has increased by $40,000 in the past year alone.

Specifically, Residential 1-3 family Queens home prices were up 10.8%, Queens Condo prices were up 13.3%, and Queens Coop prices were up 1.8% compared to this time last year. Over the last 12 months, Queens home prices are up 8.3%.

Queens Housing Inventory

There was a 5.7-month supply of Queens housing inventory in August, which decreased slightly from July. The total number of Queens homes for sale increased by 1.4 percent compared to August of last year.

Specifically, there are currently 2,429 residential 1-3 family homes for sale, 412 Condos for sale, and 969 Coops for sale in Queens county.

Blog Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II. 

BUY: search.queenshometeam.com | SELL: queenshometeam.com/sell